Economics Terms

What is given up when you make a choice?

• Scarcity

• Choice

• Opportunity Cost

• Production

A Selection

• Choice

• Price

• Incentives

• Supply and Demand

Things that motivate

• Resources

• Comsumption

• Price

• Incentives

The using of goods and Services

• Price

• Production

• Consumption

• Scarcity

Someone who buys or uses things

• Consumer

• Production

• Resource

• Price

The interaction of these 2 things determine price

• Supply and Demand

• Opportunity Cost

• Price

• Production

Factors of productions that are used in the production of goods & services

• Resources

• Price

• Scarcity

• Choice

The amount of money something cost

• Resource

• Price

• Choice

• Incentives

The combining of resources to make a good or service

• Consumption

• Opportunity Cost

• Supply & Demand

• Production

The inability to satisfy all wants at the same time

• Scarcity

• Choice

• Incentives

• Resources